Chinese telecommunications equipment manufacturer Huawei has announced the investment of at least $600 million (£372 million) towards 5G research over the next four years.
The company predicts that the first 5G networks will be ready for commercial deployment by 2020 and will run at speeds of over 10Gbps, 100 times faster than current 4G networks.
Eric Xu, chief executive of Huawei, said in a statement on the company's website, "Innovation is a continuous journey. While we continue to evolve our existing 4G network capabilities, we plan to invest a minimum of US$600 million over the next five years on research and innovation for 5G mobile network technologies to ensure that we are meeting the consumers' demands for increasingly faster and better connections."
The investment will go towards research and innovation in 5G technologies, including the research of air-interface technology, however it will not include 5G products.
Xu claims that the peak data rates of over 10Gbps will mean people would be able to download a high-definition movie in just one second, as well as provide a "true-to-life video communications experience".
Last month the UK government signalled its own intentions to develop 5G technologies by approving a £35 million funding bid from the University of Surrey that will go towards the establishment of a specialised 5G research centre.
Huawei began investing in 5G in 2009 and was part of a consortium of businesses that contributed £24 million of the sum provided to establish the 5G research centre in the UK.